A retail store in almost any industry would suffer without strong inventory management procedures. However for cannabis retailers operating in a fraught regulatory landscape, a strong inventory management system is absolutely vital.
Let’s discuss the significance of cannabis inventory management, some of the biggest pain points for cannabis retailers, and how to choose a proper cannabis retail pos solution to your business.
Why Dispensary Inventory Management is Important – Not only do proper inventory management techniques maintain your money from slipping with the cracks, nevertheless they protect from major fines, license revocation, and perhaps even arrest.
States and provinces all have cumbersome regulatory frameworks. But these intense and often confusing regulations do serve a significant purpose. By closely monitoring retail cannabis inventory, the local government can spot when regulated cannabiscultivationconsulting.com are diverted into the illicit market. Without these regulations regarding inventory management and tracking, it might be very likely for these particular products to end up at the disposal of minors.
The Biggest Pain Points for Dispensary Inventory Management – Establishing and maintaining a reliable inventory management system for the cannabis dispensary takes effort and will create frustration. Here are among the most frequent pain points cannabis retail owners experience:
Time – There is certainly not plenty of time for business owners to end each of the tasks needed in a day. So when it comes to creating and maintaining systems for inventory management, many cannabis business people look to turnkey technology solutions that will largely automate this process.
Making your inventory management procedures as efficient and streamlined as is possible could save you time. And beyond that, it can help mitigate the chance of fees, license suspensions or cancellations, or worse, while lowering costs, optimizing inventory decisions, and generating greater profits.
Recording & Reporting in a Compliant Manner – Every local government develops robust laws regarding inventory tracking and reporting for cannabis businesses. You should regularly enforce inventory audits, counting the physical inventory inside your store and comparing it towards the inventory reported within the state or provincial seed-to-sale tracking system. If there are any discrepancies, local governments expect those to become properly reported. And failure to comply will set you back money or perhaps your license.
Doing inventory audits and effectively reporting adjustments would be a giant headache without help. Luckily, a good cannabis inventory system will help make the inventory auditing process easier and go ahead and take complexity away from reporting.
Data Security – Working hard to keep inventory and store records is actually all for nothing if that data can’t be accessed because of theft or corruption. And because local governments require data to become stored a long time after it’s reported (2 yrs in a few states and up to seven years in others), failing to properly protect your cannabis retail data can cause major compliance issues for a long time.
Setting up your very own secure servers may be costly and time-consuming. In order to avoid possible security breaches and data compliance issues, cannabis retailers often consider reliable technology businesses that have a good reputation for data security.
Turning inventory data into actionable business insights – Inventory management data is a treasure trove for actionable business insights. But to be able to garner these insights, the numbers should be translated into meaningful reports. Instead of crunching numbers all on your own, cannabis business people can depend on inventory management software that has high-quality reports with actionable insights.
How to pick the best Dispensary Inventory Management Technology – To truly streamline dispensary inventory management, partner using a technology provider focused on the cannabis industry. When looking for which tool to purchase, you should look for these characteristics:
Integration with all the local government’s seed-to-sale tracking system – Virtually all states and provinces require retail cannabis stores to report their inventory and sales transactions to your state-administered traceability program and many require these numbers to be reported inside the right format every day.
Any POS and inventory management system you invest in should integrate directly together with your state or province, eliminating any manual reporting or formatting and saving you time, money, and the chance of costly compliance errors.
Integration with hardware – Manually inputting all product information or sales data will probably be a costly use of your staff’s some time and opens your business approximately compliance risk. Before investing in a POS or inventory management system, be sure it may integrate with any hardware (barcode scanners, computers, tablets) you have or are seeking fswqwf buy.
Data security and redundancy – Whatever POS and inventory management system you select on for your dispensary, it is critically important to ensure the provider can keep your information safe. When evaluating a technology partner, ensure they can provide world-class servers and cloud-based services that be sure that your data is scalable, secure, and available whenever you need it.
Product recall and loss tracking capabilities – When confronted with cannabis-based products, there exists always a danger of losing inventory due to damage, deterioration, or accident. And quite often cultivators and manufacturers release items that turn out to be tainted or unsafe. Your dispensary’s POS and inventory management system should track any lost products and flag any products placed under recall.